Automatic Engineers (Hinckley) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02695945 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Automatic Engineers (Hinckley) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

C M Spaeth

J L Frewin

E A Kolodner

REGISTERED OFFICE:

Burbage Road

Burbage

Hinckley

Leicestershire

LE10 2TP

REGISTERED NUMBER:

02695945 (England and Wales)

ACCOUNTANTS:

Charnwood Accountants & Business Advisors LLP

The Point

Granite Way

Mountsorrel

Loughborough

Leicestershire

LE12 7TZ

FIXED ASSETS

Tangible assets

4

579,478

626,122

CURRENT ASSETS

Stocks

40,132

75,699

Debtors

5

546,835

256,682

Cash at bank and in hand

144,682

390,161

731,649

722,542

CREDITORS

Amounts falling due within one year

6

98,855

195,902

NET CURRENT ASSETS

632,794

526,640

TOTAL ASSETS LESS CURRENT LIABILITIES

1,212,272

1,152,762

PROVISIONS FOR LIABILITIES

7

27,625

34,610

NET ASSETS

1,184,647

1,118,152

CAPITAL AND RESERVES

Called up share capital

15,003

15,003

Revaluation reserve

8

402,537

402,537

Capital redemption reserve

8

39,998

39,998

Retained earnings

8

727,109

660,614

SHAREHOLDERS' FUNDS

1,184,647

1,118,152

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2021 and were signed on its behalf by:

C M Spaeth - Director

1.	STATUTORY INFORMATION

Automatic Engineers (Hinckley) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 April 2020

and 31 March 2021

450,000

848,859

5,266

DEPRECIATION

At 1 April 2020

9,000

688,098

2,532

Charge for year

9,000

32,153

410

At 31 March 2021

18,000

720,251

2,942

NET BOOK VALUE

At 31 March 2021

432,000

128,608

2,324

At 31 March 2020

441,000

160,761

2,734

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 April 2020

and 31 March 2021

33,392

11,747

1,349,264

DEPRECIATION

At 1 April 2020

18,744

4,768

723,142

Charge for year

3,662

1,419

46,644

At 31 March 2021

22,406

6,187

769,786

NET BOOK VALUE

At 31 March 2021

10,986

5,560

579,478

At 31 March 2020

14,648

6,979

626,122

Cost or valuation at 31 March 2021 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2005

217,047

-

-

Valuation in 2012

(30,000

)

-

-

Valuation in 2019

93,054

-

-

Cost

169,899

848,859

5,266

450,000

848,859

5,266

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2005

-

-

217,047

Valuation in 2012

-

-

(30,000

)

Valuation in 2019

-

-

93,054

Cost

33,392

11,747

1,069,163

33,392

11,747

1,349,264

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.3.21

31.3.20

£

£

Cost

169,899

169,899

Aggregate depreciation

40,222

40,222

Freehold land and buildings were valued on an open market basis on 11 April 2019 by Wards Chartered Surveyors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

91,108

255,537

Amounts owed by group undertakings

453,537

-

Other debtors

2,190

1,145

546,835

256,682

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

36,635

101,821

Taxation and social security

48,796

69,516

Other creditors

13,424

24,565

98,855

195,902

7.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

27,625

34,610

Deferred

tax

£

Balance at 1 April 2020

34,610

Profit and loss account

(6,985

)

Balance at 31 March 2021

27,625

8.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 April 2020

660,614

402,537

39,998

1,103,149

Profit for the year

104,859

104,859

Dividends

(38,364

)

(38,364

)

At 31 March 2021

727,109

402,537

39,998

1,169,644

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Automatic Engineers (Hinckley) Ltd for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Automatic Engineers (Hinckley) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Automatic Engineers (Hinckley) Ltd and state those matters that we have agreed to state to the Board of Directors of Automatic Engineers (Hinckley) Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Automatic Engineers (Hinckley) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Automatic Engineers (Hinckley) Ltd. You consider that Automatic Engineers (Hinckley) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Automatic Engineers (Hinckley) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charnwood Accountants & Business Advisors LLP

The Point

Granite Way

Mountsorrel

Loughborough

Leicestershire

LE12 7TZ

20 July 2021